In the Budget on 22 November 2017, the Chancellor of the Exchequer announced a relief from stamp duty land tax (SDLT) for first time buyers.
The relief will apply from 22 November 2017 to purchases of residential property for £500,000 or less, provided the purchaser intends to occupy the property as their only or main residence.
First time buyers purchasing their first home for £300,000 or less will pay no SDLT. Where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000.
The relief will apply to purchases in England, Wales and Northern Ireland.
The relief applies where
- there is a purchase of a single dwelling,
- the purchase price is not more than £500,000,
- the purchaser or, if there is more than one, each of them, is an individual,
- the purchaser or, if there is more than one, each of them, is a first time buyer, who intends to occupy the dwelling as their only or main residence,
- the effective date of the transaction is on or after 22 November 2017
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